StanChart’s head of global private equity portfolio management Taimoor Labib will take a seat on the company’s board of directors as part of the deal, which is its first in the Middle East and North Africa energy sector.

Topaz is headquartered in the UAE and operates a fleet of 99 offshore support vessels throughout the Middle East and the Caspian with an existing, growing presence in West Africa.

The company said the capital will be used to fund its growth plan, which includes the acquisition of vessels for existing business and geographical expansion.

Labib said, “We are proud and humbled to have been chosen as strategic partners by one of the leading companies in the UAE and the Middle East, with a global reputation within the oil and gas space.

“Topaz’s high quality management team, committed shareholder base and independent governance are admired by many in the region.”

SC Private Equity aims to invest in companies with proven cash flows which are backed by best-in-class management teams in flexible private equity or mezzanine structures.